Godrej Properties acquires total land of 18 acre, including both Pune and North Bengaluru. The company has informs the exchange about investment on June 27 and June 28. The stock price rallied 5% to Rs.3198 on NSE and Rs.3202 on BSE.
On June 28, the company acquired leasehold rights for ~11 acre land pareel in Hinjewadi, Pune, offering revenue potential of ~2.2 million square feet. The company has estimated revenue potential for the land of ~INR 1,800 crore. The development on this land will comprise primarly Group Housing and High Street Retail.
On June 29, Godrej Properties acquired ~7 acre land in Thanisandra North Bengaluru, for development of high-end residential project, having a developable of ~ 9 lakh square, with an estimated revenue potential of ~INR 1200 crore
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